Automotive regenerative braking market to pass $6bn by 2026
According to a research report by Global Market Insights, the global automotive regenerative braking market is slated to surpass a valuation of $6bn by 2026 owing to increasing customer inclination towards efficient and sustainable electric vehicles. Regenerative braking systems usually recovers wasted energy generated from brake friction and transfers that power to the motor, which is later used to power the vehicle.
Rapid development of electric power stations across both developing and developed countries could strengthen the automotive regenerative braking market landscape. While robust technological advancements that complement component efficiency could boost the adoption rate of these systems across diverse vehicle segments.
Briefly elaborated below is a list of the top three trends that are likely to foster the global automotive regenerative braking market share through the forecast timeframe.
Growing traction of the hydraulic braking system segment: With respect to the type, the hydraulic regenerative braking segment is anticipated to observe significant development owing to its greater use across commercial vehicles as compared to other types of braking systems. Hydraulic systems utilise pressurised tanks to save the kinetic energy of vehicles.
Hydraulic systems are witnessing increasing demand since they have a high energy recovery rate which is optimum for heavy vehicles like mining and refuge trucks.
Meanwhile, apart from hydraulic systems, electric regenerative braking is presently the most common regenerative braking system as it is used in electric and hybrid passenger vehicles where it generates electricity through a motor at the time of sudden braking.
Mounting deployment of two-wheelers: The two-wheelers vehicle type segment is poised to play a crucial role in automotive regenerative braking market expansion owing to the lower weight of the vehicles as compared to the traditional vehicles. These vehicles also have higher maneuverability in congested areas which is driving their demand in the overall automotive industry.
In addition, market players are increasingly expanding their vehicle product portfolio to gain more customers. Additionally, two-wheelers need lower investments when it comes to establishing charging facilities in comparison to commercial and passenger vehicles, which is another major factor complementing the segment share.
Based on these expansion factors, the two-wheelers segment is anticipated to observe a healthy CAGR of about 13% over the study period.
Rising adoption of electric vehicles across Latin America: On the geographical landscape, Latin America is considered to be a promising market for regional automotive regenerative braking companies. The region is witnessing a steady rise in electric vehicle sales. Authorities in the region are laying stern environmental policies to curb GHG emissions. Such regulations could play a vital role in stimulating the demand for automotive regenerative braking systems in LATAM.
The competitive landscape of the global automotive regenerative braking market is inclusive of players such as Hyundai Mobis, Delphi Automotive, Denso Corporations, Eaton corporation, Punch Powertrain, Continental, and Robert Bosch among others.